Bank of America has signed to provide intraday nostro account information to clients via Cable & Wireless' Real Time Nostro platform.
The west coast bank will be providing data on its US dollar accounts and all other major currencies served by its international branch network. The bank says it will use Cable & Wireless RTN to expand the delivery of account information to its institutional clients worldwide who subscribe to the service.
Karen Healy, SVP and head of FI/FX product management, global treasury services, Bank of America, comments: "We recognise our clients' growing need for efficient delivery channels, providing real time information and improving the reconciliation process."
With Bank of America onboard, the RTN network now boasts updates from eleven banks in total, including four of the top ten world banks. The system is designed to enable subscriber banks to better manage their intra-day cash flows and improve the efficiency of their back office operations.
Subscribers to the service gain access to real time nostro account data from multiple providers through a browser interface, or directly via an interafce to their cash management or reconciliation systems.
Shares in Gresham Computing, the UK firm which is providing software to the initiative, moved up 16 pence on the news to 301 pence.